Multi-indics indicator - page 23
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What are the results of you first week's forward testing?
Hi Johnny,
Not famous but i continue next week. See statment attached.
Have a nice week-end,
FerruFx
Hi Johnny,
Not famous but i continue next week. See statment attached.
Have a nice week-end,
FerruFxHi FerruFx,
I think the negative results are more a reflection of the trading strategy you are using, than the indicator itself. However, I still believe the eficacy of the indy can be greatly improved with backtesting the numerous TF settings, in-built indys and coefs. So whenever you get around to incorporating this into the software, it will help with the process of testing.
Regards,
johnny
Thank you FerruFX for the great trend tool. I've always found it difficult to decide on the direction I should go with. I like the idea of targeting 20-30 pips a day, in a direction chosen by an indicator and by far this is the easiest to use without all the confusing graphs on all different timeframes.
Thanks to YorkyJohnny for his insight on the importance of the 4hr chart. The first time I put the indicator on my chart last night I though it was a bit too fast (mainly due to thin markets and therefore lack of data for the various indicators to compute form), so I used the weight feature:
1m 0.7
5m 0.8
15m 0.9
30m 1.1
1hr 1.2
4hr 1.3
1D 1.0
As you can see, I left the importance of the daily chart somewhere in the middle, placing the highest value on the 4hr reading.
This is supposed to be only a direction finder so the entry is based on the 5 minute plain stochastics crossing below or above oversold/bought levels.
Today I took a long on cable for a little over 20 pips this way. I'll be watching the four majors and we'll see how I do.
Thanks again for the great work guys.
Good pip hunting all.
Very interesting testing!
Thank you FerruFX for the great trend tool. I've always found it difficult to decide on the direction I should go with. I like the idea of targeting 20-30 pips a day, in a direction chosen by an indicator and by far this is the easiest to use without all the confusing graphs on all different timeframes.
Thanks to YorkyJohnny for his insight on the importance of the 4hr chart. The first time I put the indicator on my chart last night I though it was a bit too fast (mainly due to thin markets and therefore lack of data for the various indicators to compute form), so I used the weight feature:
1m 0.7
5m 0.8
15m 0.9
30m 1.1
1hr 1.2
4hr 1.3
1D 1.0
As you can see, I left the importance of the daily chart somewhere in the middle, placing the highest value on the 4hr reading.
This is supposed to be only a direction finder so the entry is based on the 5 minute plain stochastics crossing below or above oversold/bought levels.
Today I took a long on cable for a little over 20 pips this way. I'll be watching the four majors and we'll see how I do.
Thanks again for the great work guys.
Good pip hunting all.Hi Daniel,
Congrats on starting to earn pips from this very interesting indicator. The settings you are experimenting with are precisely what I have in mind, to detirmine which parameters produce the best, overall results, as a combination of TF's and the built-in indys.
Unfortunately this is too labor intensive to detirmine in realtime and that is why I asked FerruFx if some form of backtesting could be developed, which he agreed to, see earlier posts. His suggested method is not ideal, but it would certainly allow for much more thorough testing. You will be able to look back over charts and see where the ideal entry and exit points would be, then compare the readings of the indy and mix & match the parameters, values of the various inbulit indys, constantly tweaking to find the best settings for the TF's you are trading. THEN WE WILL HAVE AN EXCELLENT INDICATOR!!
This indicator can be the support confirmation for your existing trading methodology or I think it can be improved to be a stand-alone entry/exit trading tool, as FerruFx intended - a successful EA. It is not quite there yet and I don't believe it ever will be without more rigorous testing and tweaking to detimine the best settings for various TF's and inbuilt indys.
I can set aside time to backtest, but not forward test, so I really appreciate you sharing your findings and results in regards to settings and look forward to your future posts, as between us I think we may just develop a very useful, compact and powerful trading tool.
I trust you are trading the indy in demo at the moment and not live, until such time as it has been fine tuned and you have carried out your various experimenting with settings? An interesting experiment, if I may suggest would be to set up 2 charts of the same pair, one with D1 and one without and monitor the different responses you get. I would speculate that excluding D1 will put you in and out quicker, which often will be a good thing, but beware of headfakes.
Also you may for interest give more weight/bias to the lower TF's by loading the coefs in their favor. The longer TF's generally have more influence on overall direction, but when a retracement or reversal starts, it does so firstly in the low TF's. M1 changes direction first, which if it continues will causM5 to change, which then will cause M15 to change and so on up the TF's. Again, I would have the indy on 2 charts to visually see the changes and take notes or screenshots.
Your target is 20-30 pips per day (which is great to get cosistently) and should not be too difficult to achieve. However, I have noticed that this indy can turn against you very quickly from "Up" to "Down", so in view of this characteristic, I would meanwhile (pending further backtesting) be inclined to shoot for 2 trades of 10-15 pips, as opposed to 1 of 20-30 pips.
Just my 'twopennyworth" to experiment with demoo accout meanwhile and please keep us informed.
Meanwhile, what has happened to FerruFx? Where are you? I hope you haven't abandoned this project in favor of the !xMeter, as in my opinion, your MTF indy is far superior and has greater potential. If and when you can find time, will you please add the backtesting feature?.......thanks!
Regards,
johnny
I do not intend to use this indi as a stand-alone. I'm looking for a direction finder. Stochastic oscillator is fine for the entry (just like the cci, macd, you name it - it's just me preffering the stoch), but I've always had a problem with deciding which way I should go, and therefore the idea of balancing the directions on all indicators at once AND on all tfs appealed to me muchly. In my view, the direction on longer tfs should be the most important one, but thanks to the way this indi is built, when a retrace comes, the longer tfs will become offset by the shorter just enough. So in my opinion, putting even more weight to the shorter tfs is of no value here, at least for me.
I neither don't intend to have a fixed tp, but rather get out based on the stochastics reaching the other end of scale, prefferably on support resistance - but that leaves too much discretion again, and I try to leave it out of my trading.
What I'm thinking of now is to go through the history of 5 min cable stochastics crossing in overbought/sold levels and manually cross checking with the reading of 'trend' indi. I think that should provide enough stats for me to be able to start trading or drop the idea. The thing is, to get the stochastics into oversold area, the price needs to get down, and if trend changes to sell too soon, I will have no entry into the proper direction - that is what I intend to check on history, and that is why I don't want it to be too fast.
Thank you FerruFX for the great trend tool. I'll be watching the four majors and we'll see how I do.
Thanks for your words and let us know what's about your watching results, settings and comments.
Thanks for you interest.
FerruFx
Meanwhile, what has happened to FerruFx? Where are you? I hope you haven't abandoned this project in favor of the !xMeter, as in my opinion, your MTF indy is far superior and has greater potential. If and when you can find time, will you please add the backtesting feature?.......thanks!
Hi yorkyjohnny,
I am here day after day. But as i said in an earlier post, the time isn't extensible and i'm working on others project too. I don't forget this tool. Concerning the backtesting feature, i looked at this and i'm not sure to have enough coding skills to achieve something really acurate.
Thanks all for your kind words and comments.
FerruFx
Hi yorkyjohnny,
I am here day after day. But as i said in an earlier post, the time isn't extensible and i'm working on others project too. I don't forget this tool. Concerning the backtesting feature, i looked at this and i'm not sure to have enough coding skills to achieve something really acurate.
Thanks all for your kind words and comments.
FerruFxHi FerruFx,
I fully understand your time constraints and appreciate all the work you have put in and how far you have brought your EA to date. How are your trials with the EA going over the past week?
Regards,
johnny
How are your trials with the EA going over the past week?
2 wins (2x30 pips), 1 loss (100 pips) but the SL is too high to make profit. I have to find a good middle to not stop to quick.
FerruFx
Ferru, Have a look at my thread https://www.mql5.com/en/forum/177151
where I investigate the relations between currencies and their strenghts. I've made a few excel sheets over a few years of daily data. I too thought that trading in the direction of the strongest currency against the weakest one would bring profit. It is logical, but in fact, as you look at the ixmeter readings, the currencies achieve the levels after a substantial move, and therefore you have very little move left which cuts your probability of success. Moreover, I found with my sheets that the currencies don't have a tendency to follow through with the strenght immediatelly the next day, and the results are pretty much 50/50 and that lends it unpredictable. I couldn't find any more use with the stats I made so I dropped it for now until I come up with another idea or someone very smart tells me how I can use it.
Regarding your multi-indi, I think you are onto something very useful, and I will have to find the time to backtest the stochastic entry, because so far I see that the combination of two will keep you out of a ranging market. The reason is that when your indicator moves along with the price, and the price pulls it into the other direction (from buy to sell and vice versa), the stochastics shows the opposite entry. only if the trend is in place, the retrace in the trend will pull the stochastics far enough for us to enter but it won't change your indicator's reading and we'll have an entry. Hope that makes sense.
Very glad to have met the two of you.